Medical Marijuana Inc. (OTCMKTS:MJNA) Climbing The Charts Again
Early December 2013 was relatively uneventful for Medical Marijuana Inc. (OTCMKTS:MJNA). That all changed when the whole marijuana sector picked up speed around the holidays, and most tickers have been on a chart roller-coaster ever since. Yesterday MJNA once again jumped on a press release.
The company has more or less moved with the flow ever since the whole pot-stock hype began. However one look at the charts determines that the ticker’s movement is considerably more stable than most companies in the marijuana sector, like HEMP, INC. (OTCMKTS:HEMP) and Tranzbyte Corp (OTCMKTS:ERBB). However while said companies barely moved during yesterday’s session, MJNA registered a good 16.71% up.
Evidently President Obama’s statement, that marijuana is no more dangerous than alcohol, didn’t have as much impact as was initially expected. Instead what seems to have got jumping at MJNA stock is the press release, that the company made yesterday.
The release itself contained much optimistic information, mostly about the company’s alleged commercial success. Apparently MJNA‘s thinks progress is so impressive, company officials felt the need to share some figures. The company stated that the close of the fourth quarter of 2013 had brought them gross income of about $8 million, the most dramatic increase in revenue coming from direct product sales through HempMedsPX.
And even MJNA‘s official reports should be taken with a pinch of salt – the last time the company filed one, a significant amount of shares acquired as part of the Phytosphere deal with CannaVest were listed as “other net income”, despite having no immediate monetary value. Said accounting maneuver brought the figures filed under “total income” from a negative $86 thousand to nearly $8 million.
Once taken into account, these facts cast a different light on yesterday’s press release. Nonetheless, it managed to push MJNA up to a nigh of $0.227 yesterday.